Schering-Plough to lay off 1,100 workers

ValBrickates Kennedy

BOSTON (MarketWatch) -- Schering-Plough
SGP, -1.31%
said Thursday that it plans to lay off about 1,100 workers in New Jersey and Puerto Rico, with most of the cuts being made this year. In particular, the drugmaker plans to phase out most of its manufacturing operations at its Manati, Puerto Rico facility by the end of 2006, which will eliminate about 550 jobs. The company also intends to layoff 50 workers at its Las Piedras, Puerto Rico plant, and about 500 employees at its Kenilworth and Union, New Jersey sites. The company said it will retain 7,000 positions in New Jersey, where it is headquartered, and intends to eventually hire additional employees in such areas as research. Schering-Plough expects to save about $100 million a year from the reductions.

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